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LARRYAW
Member since: September 2008
Total Contributions: 1
Most Popular Contribution
Top 5 Credit Misconceptions
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(1 Total Contributions)Top 5 Credit Misconceptions
There appears to be a flaw in the overall credit score calculaton procedure.
My wife and I score in the high 700's (a score that is OK - but, fails to reflect our actual ability to access credit).
Example, we have no debt (and have not carried any for many years).
Our finanical situation is:
1. No mortgage debt though we own our home in addition to a sizeable lake property.
2. We have in the past year spent upwards of $60,000 on home and cabin improvements - all paid for with cash.
3. We carry no month-to-month credit card debt and often pay in advance for any anticipated credit card charges.
4. We pay property tax and income tax obligations in a lump sum upon receipt of the tax billing.
5. We have finanical holdings that reach well into seven figures - holdings that were generated through careful handling of credit availablity.
We have never paid a late charge on any credit debt throughout our lives.
Yet, we are told that our credit score can only be raised if we acquire additional credit cards to "raise" our available credit.
It sure is a good thing that we can live without any "additional credit" since our availability to obtain this credit is limited due to our less than perfect credit score.
It's no wonder that so many of our citizens find themselves in finanical straits due to their need to carry an excess of credit cards to obtain additional credit debt.
Comment posted 3 years ago
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There appears to be a flaw in the overall credit score calculaton procedure.
My wife and I score in the high 700's (a score that is OK - but, fails to reflect our actual ability to access credit).
Example, we have no debt (and have not carried any for many years).
Our finanical situation is:
1. No mortgage debt though we own our home in addition to a sizeable lake property.
2. We have in the past year spent upwards of $60,000 on home and cabin improvements - all paid for with cash.
3. We carry no month-to-month credit card debt and often pay in advance for any anticipated credit card charges.
4. We pay property tax and income tax obligations in a lump sum upon receipt of the tax billing.
5. We have finanical holdings that reach well into seven figures - holdings that were generated through careful handling of credit availablity.
We have never paid a late charge on any credit debt throughout our lives.
Yet, we are told that our credit score can only be raised if we acquire additional credit cards to "raise" our available credit.
It sure is a good thing that we can live without any "additional credit" since our availability to obtain this credit is limited due to our less than perfect credit score.
It's no wonder that so many of our citizens find themselves in finanical straits due to their need to carry an excess of credit cards to obtain additional credit debt.
Comment posted 3 years ago